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Tuesday, 25 March 1997
Page: 2352

Senator KEMP (Assistant Treasurer)(1.24 p.m.) —Senator, as I understand it, what you want to do is to have public offer superannuation funds being able to offer RSA look-alike products. That is what you want. We have said—and I will say this for the fifth time—that the answer is that they will be able to offer RSA look-alike products, and they will be able to do it under the SIS regs, which are currently being prepared. That is what we have said, Senator. We have said that the superannuation funds operate under a trust structure. The RSA bill does not deal with trust structures. We are meeting what you want us to do, and we are on record as saying that. I have now gone on the record three, four or five times assuring you, yet you keep on getting up, Senator, and disputing that fact.

Senator Conroy —Do you know the difference between complying funds and public offer funds?

Senator KEMP —Yes, we know the difference. I wonder whether you know the difference, Senator Conroy. That is what we are proposing, Senator. So if your real concern is about public offer superannuation funds offering RSAs, we are saying to you, Senator, that that is going to happen and it will be done under the SIS regulations. That is what we are saying.

Senator Lundy —Minister, we are talking about complying funds.